SEVERAL notable names in the legal fraternity were purportedly cheated by a Singaporean businessman alleged to be involved in a S$1bil (RM3bil) fraud scheme.
Ng Yu Zhi, 34, director of Envy Asset Management and Envy Global Trading, allegedly swindled investors into putting at least S$1bil into nickel deals that never took place.Investors were promised returns averaging 15% over three months.
Ng, who was arrested in February, had 18 charges against him for cheating, fraudulent trading and forgery. Yesterday, he was slapped with another 13 similar charges.
He is accused of criminal breach of trust involving more than S$200mil (RM618mil).
The alleged victims named in the new charges included the general counsel for Temasek International Pek Siok Lan, criminal lawyer Sunil Sudheesan and former president of the Law Society Thio Shen Yi.
Pek was allegedly cheated of about S$5.5mil (RM17mil), Sunil of S$1mil (RM3mil) and Thio of S$87,000 (RM268,609).
At least four lawsuits had been filed by investors seeking to claim some S$50mil (RM154mil) from Envy Global Trading and Ng.
The Commercial Affairs Department has seized about S$100mil (RM309mil) of assets from Ng, who is out on bail.
Neither of Ng’s firms is licensed by the Monetary Authority of Singapore, which said it was told in March that Envy Asset Management claimed it was applying for a licence, but no application was submitted. — The Straits Times/ANN